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How to Get out of Debt (Fast) in 2021

how to get out of debt fast

Does it ever feel like as soon you get paid, your money is gone? Or like you don’t get any further in paying everything off? You might be stuck in the debt trap.

Here's How to Get out of Debt (Fast!) in 2021

Imagine having no payments, it’s possible when you have a plan.

First, why push to get out of debt fast?

Easily a third or more of your income can go out the door to pay off what you owe, not to mention thousands of dollars that go down the drain to pay the interest.

You didn’t get in debt overnight and you won’t get out of debt overnight either.

Taking on debt all started out slowly.

You were told to go to school to be successful and then ya take out student loans, because it’s “good debt” for your future, right?

While you were in school you had to get a credit card to “build your credit score…” then before you know it you’ve racked up thousands of dollars- with gulp…. 18% interest.

When it comes to getting settled into your first place you promptly buy an entire set of furniture with no money- just one low monthly payment. Hey, it’s zero interest, right?

As soon as you get paid, your money goes out the door to pay off what you owe.

It doesn’t have to be that way.

How to Get out of Debt (Fast) in 2021

Get out of debt this year, like a Spartan! Most people have heard of the snowball or avalanche method to paying off debt. The Spartan Method is a brand-new way to get out of debt.  

Sparta was an ancient Greek city-state.  The Spartans were known for their discipline, structure, and endurance. The 300 Spartans fought against the much larger Persian army.

You may have seen the movie 300, where King Leonidas (or Gerald Butler) yells, “Sparta, this is where we FIGHT! AHH”

Have discipline, structure, and endurance with your money. To get out of debt, pay $300 or more towards your highest interest debt.

Why pay $300 more? Be like the Spartans: few, but strong.

Three hundred dollars is small enough that pretty much anyone can do it by cutting a few things or bringing in an extra income on the side.  Three hundred is big enough to really make grounds to get out of debt.  

The beauty of the Spartan Method to getting out of debt is you have a defined amount each month you’ll pay extra.

How it works is you’ll map out everything that you owe right now in total for your student loans, credit cards, store cards, car loans, medical debt, personal loans, line of credits, or any type of debt.  Also, you’ll jot down the monthly payment, and interest rate.

You can get your free downloadable worksheet to write down your debts in, The Ultimate Guide to Managing Money here.

guide to managing money

You’ll pay all the minimums on each debt, plus pay an extra Spartan amount of $300 or more towards the highest interest debt. When the highest interest debt is paid, you’ll take what you were paying towards that debt, plus the extra Spartan amount to pay towards your next highest interest debt.

So on and so forth until you are completely debt-free.

With the Spartan Method to get out of debt fast, push to become debt-free within 36 months or less, it is easier to make short-term sacrifices if there is an end in sight.

You can access the a-mazing debt calculator to see what it takes to get out of debt fast when you enroll in money coaching and Best Money Class Ever. Get the details here.

debt calculator

Here’s an Average Joe example on how to get out f debt fast.

Average Joe owes almost $30,000 in student loans, is paying off a car, credit cards, borrowed from his parents a few hundred dollars, and has some medical debt.  In total Average Joe owes just under $40,000 and his current monthly debt payments are $890, by paying $300 extra towards the highest interest debt, everything will be paid off in 36 months exactly.  

That’s the basic process on how to get out of debt fast.

Of course, it isn’t easy. It’s hard. Because there’s your sister’s wedding coming up, and your friends want to go to Vegas, for no reason…just because.

With the Spartan Method to get out of debt fast, takes structure, discipline, and endurance. You’ve got this! Amazing things happen with a plan.

Carly

P.S. Have you saved your spot for money coaching? If you’ve been meaning to get your finances in order, Best Money Class Ever and money coaching starts January 6th. Get 20% off when you enroll by December 23 with coupon code: earlyenroll. Get the details and enroll here.

Here’s real results from real people:

  • Meaghan paid off $3,155 in three months
  • Loren and Bryce tripled their net worth in two years
  • Kim paid off $45k in 28 months
  • Jessica and Daniel paid off $21k in one year as a single-income household

If you have friends, family, or coworkers who also geek out on personal finance, when you enroll, you can bring a friend for free! You’ll get built-in accountability taking the class alongside a friend! Get the details here!

best money class ever carly michelle

Hi! I'm Carly

I’m a Finance grad and creator of Best Money Class Ever, a 4-week live virtual personal finance class. I paid off $35,000 of debt and saved a nest egg of over $100,000 by age 26 (earning only around the median household income!).

If I can pay off debt and build savings at a young age, anyone can with a little education and solid plan.

Get out of debt Invest like a pro Buy a home Make yourself recession proof Stress less about money Ditch emotional online spending

best money class ever

“Oh, my goodness, I learned a lot. I enjoyed everything! Carly’s a great financial teacher.”

Asinah, Best Money Class Ever student

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